Wolfspeed (NYSE:WOLF) Shares Gap Down on Analyst Downgrade

Wolfspeed, Inc. (NYSE:WOLF) gapped down before the market opened on Thursday after Susquehanna lowered their price target on the stock from $11.00 to $7.00. The stock had previously closed at $6.18, but opened at $5.90. Susquehanna currently has a neutral rating on the stock. Wolfspeed shares last traded at $5.86, with a volume of 1,603,217 shares.

A number of other research firms also recently weighed in on WOLF. Roth Mkm decreased their price objective on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Piper Sandler reaffirmed an “overweight” rating and issued a $18.00 price objective (down from $20.00) on shares of Wolfspeed in a research note on Thursday, November 7th. JPMorgan Chase & Co. decreased their target price on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. StockNews.com raised shares of Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Finally, Canaccord Genuity Group lowered their target price on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Wolfspeed currently has a consensus rating of “Hold” and an average target price of $16.79.

Insider Transactions at Wolfspeed

In other Wolfspeed news, Director Glenda Dorchak acquired 3,592 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were bought at an average price of $8.33 per share, for a total transaction of $29,921.36. Following the completion of the transaction, the director now owns 18,688 shares of the company’s stock, valued at approximately $155,671.04. This represents a 23.79 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Darren R. Jackson bought 36,975 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was acquired at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the completion of the purchase, the director now directly owns 85,996 shares in the company, valued at approximately $581,332.96. The trade was a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 78,067 shares of company stock valued at $524,747 over the last three months. Corporate insiders own 0.84% of the company’s stock.

Institutional Trading of Wolfspeed

Institutional investors have recently made changes to their positions in the stock. Vontobel Holding Ltd. grew its holdings in Wolfspeed by 5.1% in the 3rd quarter. Vontobel Holding Ltd. now owns 37,565 shares of the company’s stock worth $364,000 after acquiring an additional 1,835 shares during the last quarter. New York State Teachers Retirement System boosted its holdings in shares of Wolfspeed by 1.3% during the third quarter. New York State Teachers Retirement System now owns 145,284 shares of the company’s stock worth $1,409,000 after purchasing an additional 1,885 shares during the period. ProShare Advisors LLC increased its holdings in Wolfspeed by 9.3% during the 2nd quarter. ProShare Advisors LLC now owns 23,395 shares of the company’s stock valued at $532,000 after purchasing an additional 1,993 shares during the period. Ensign Peak Advisors Inc raised its position in Wolfspeed by 5.9% during the 2nd quarter. Ensign Peak Advisors Inc now owns 42,501 shares of the company’s stock valued at $967,000 after purchasing an additional 2,350 shares during the last quarter. Finally, KBC Group NV lifted its holdings in Wolfspeed by 76.5% in the 4th quarter. KBC Group NV now owns 6,064 shares of the company’s stock worth $40,000 after buying an additional 2,629 shares during the period.

Wolfspeed Trading Down 3.9 %

The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14. The stock has a market capitalization of $758.47 million, a P/E ratio of -1.00 and a beta of 1.43. The stock has a 50-day moving average price of $7.56 and a two-hundred day moving average price of $11.38.

Wolfspeed Company Profile

Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies in Europe, Hong Kong, China, rest of Asia-Pacific, the United States, and internationally. It offers silicon carbide and GaN materials, including silicon carbide bare wafers, epitaxial wafers, and GaN epitaxial layers on silicon carbide wafers to manufacture products for RF, power, and other applications.